Tech Dominates, Asia Surges This Week

Information Technology pulled in $13B this week. That is the single biggest sector story. It dwarfs every other sector combined. Yet over three months, the picture is even larger — Tech has absorbed $77.5B. The buying pressure is consistent and broad.

Geography Flows

The US led all regions with $19.8B in net inflows this week. Flow imbalance sits at 60, showing solid but not extreme buying pressure.

Japan was the standout international winner. It drew $11.6B in one week, with a flow imbalance of 79. That is strong directional buying. Over three months, Japan has pulled in $161.9B — second only to the US globally.

China added $9.5B this week. However, the three-month picture is far more muted at $17.7B, with a flow imbalance of just 53. Gross flows in both directions are massive. That suggests trading activity rather than conviction accumulation.

Taiwan attracted $5.8B this week at a remarkable imbalance of 97. Almost no selling pressure at all. Over three months, Taiwan has taken in $25.8B. The semiconductor trade remains firmly in play.

Hong Kong stands out as the week's clearest loser. It bled $1.96B in net outflows this week. Over three months, losses total $9.9B. The imbalance of 15 signals heavy selling with almost no offsetting inflows.

India also turned negative this week, shedding $299M. Its flow imbalance of just 9 suggests near-total selling pressure in the short term.

Sector Rotation

Tech's $13B weekly inflow sits well clear of second-place Financials at $1.75B. Industrials added $490M. Utilities drew $368M — a defensive pocket with modest but real interest.

Communication Services shed $278M this week. That mirrors its flat three-month picture of -$271M. The sector is not attracting flows.

Energy is the clearest three-month loser across all sectors. It has bled $4.9B over 90 days. This week it was essentially flat at -$3M. Investor interest remains low.

Asset Class & Strategy

Equities took in $68.6B this week. Fixed income added $16.1B. Both flows are healthy and running in parallel — not a flight-to-safety pattern.

Over three months, equities have absorbed $803.6B vs $243B for fixed income. Commodities lost $30.6B over three months. This week they are nearly flat at +$59M. The commodity unwind may be stabilising.

On strategy, Vanilla (passive) ETFs led with $48.1B this week. Active strategies added $6.9B. The notable shift: over three months, Active has pulled in $231B — a 53% ratio versus Vanilla's 100% baseline. Active is gaining ground.

Dividends pulled in $3.95B this week at an imbalance of 96. That is near-maximum buying pressure. Over three months, $17.1B has flowed into dividend strategies. Income-seeking is a consistent thread.

ESG turned negative this week at -$62M. Over three months it is positive at $9.5B, but the weekly reversal is worth watching.

The overall tone is risk-on. Equities lead, Tech dominates, and Asia ex-Hong Kong is attracting strong directional buying.